Q1 results significantly better than market expectations; Outlook for FY2021 raised

Based on our broad portfolio and strong global presence we were able to meet pandemic-related demands. At the same time, our assumption for a further normalization of demand for standard procedures to pre-pandemic levels has been re-affirmed. The combination of these two factors was the basis for a very strong performance in Q1 FY2021.

- Revenue: €3,868 m (PY: €3,587 m), comparable growth +13.3% y-o-y

- Adjusted EBIT: €738 m (PY: €487 m)

- Adjusted EBIT margin: 19.1% (PY: 13.6%)

- Adjusted basic earnings per share: €0.49 (PY: €0.36)

Imaging

With a very strong start into the fiscal year, the Imaging segment benefitted from growth in all business lines. In particular the business line Computed Tomography posted clear double-digit growth y-o-y, with products for pandemic-related demands contributing significantly.

- Revenue: €2,319 m (PY: €2,221 m), comparable growth +9.3% y-o-y

- Adjusted EBIT: €542 m (PY: €387 m)

- Adjusted EBIT margin: 23.4% (PY: 17.4%)

Diagnostics

The Diagnostics segment saw a significant contribution from pandemic-related products, in particular the rapid antigen test of our point of care business generated €130 million of revenues. The core business saw a return to growth.

- Revenue: €1,183 m (PY: €1,013 m), comparable growth +23.5% y-o-y

- Adjusted EBIT: €137 m (PY: €32 m)

- Adjusted EBIT margin: 11.6% (PY: 3.1%)

Advanced Therapies

The segment Advanced Therapies saw a return to good revenue growth.

- Revenue: €412 m (PY: €404 m), comparable growth +6.3% y-o-y

- Adjusted EBIT: €78 m (PY: €79 m)

- Adjusted EBIT margin: 18.8% (PY: 19.6%)

Siemens Healthineers Outlook

The managing board decided today to raise the outlook for FY2021 to 8% - 12% comparable revenue growth (from previously 5% - 8%) and to increase the expected adjusted basic earnings per share range to 1.63 - 1.82 € per share (from previously 1.58 - 1.72 €).

The conversion from the additional revenues to earnings per share will be softened by higher expenses for variable compensation and stronger FX headwinds versus the previous guidance.

The outlook was raised based on the ongoing pandemic related demands and a higher confidence in the normalization of the underlying business. The assumption for the rapid antigen test revenues now is for €300-350 million revenues (versus the previous assumption of about €100 million revenues). Given the dynamic of the pandemic, we assume that the pandemic-related demand from Q1 will not persist to the same extent through the remaining FY2021 and beyond. The further assumptions of the previous outlook remain unchanged.

Siemens Healthineers will publish its full earnings release for the Q1 of FY2021 on February 1, 2021.

Please find further explanations regarding our financial key performance indicators in chapter "A.2 Financial performance system" and in the notes to the consolidated financial statements note 29 "Segment information" in the Annual Report 2020 of Siemens Healthineers. The document can be found under the following internet link https://www.corporate.siemens-healthineers.com/investor-relations/presentations-financial-publications .